EuroBancshares, Inc. (commonly known as Eurobank) was a financial holding company founded on December 4, 1979 under the name of ''Española de Finanzas Trust Company'' in

San Juan San Juan, Spanish for Saint John (disambiguation), Saint John, most commonly refers to: * San Juan, Puerto Rico * San Juan, Argentina * San Juan, Metro Manila, a highly urbanized city in the Philippines San Juan may also refer to: Places Arge ...

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. On April 30, 2010, the bank failed and its

deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

and assets were seized by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

(FDIC). Its deposits and assets were subsequently sold to Oriental Bank and Trust. EuroBank used to offer financial and insurance services in Puerto Rico through its wholly owned subsidiaries Eurobank Puerto Rico and EuroSeguros, respectively. Since its founding, it grew into a billion dollar financial institution, eventually operating through a network of 21 branches in 2005. Its headquarters were located at 270 Muñoz Rivera Avenue, near the Golden Mile District or "Milla de Oro" of

Hato Rey Hato Rey ( Spanish for ''king’s cattle farm''), often considered the central business district of Puerto Rico, is a highly urbanized financial, commercial, and residential district in San Juan, the capital municipality of the archipelago and ...

, San Juan.

History

Over the years, the name of the institution changed on various occasions. In 1988, after 9 years of operating under the name ''Española de Finanzas Trust Company'', its name was changed to ''First Community Trust Company''. In 1990, following the change in business strategy to lending activities focused on lines of credit to businesses and business loans to individuals of high net worth, the company changed its name to ''Eurobank & Trust Company''. The company changed its name to ''EuroBancshares'' shortly thereafter. In view of the rapidly expanding residential home mortgage market in Puerto Rico, Eurobank established a Mortgage Division in late quarter 1999. However, after the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, the company suffered adversely, and on April 30, 2010, its

and assets were seized by the

(FDIC).

Subsidiaries

* Eurobank Puerto Rico * Euromortgage * Euroleasing * EuroSeguros

Competitors (in Puerto Rico)

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Banco Popular de Puerto Rico Popular, Inc., doing business as Banco Popular in Puerto Rico and the Virgin Islands and as Popular Bank in the mainland United States, is a financial services Conglomerate (company), conglomerate that has operated in Puerto Rico for over 125 ye ...

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Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

Doral Bank Doral Financial Corporation was the holding company of Doral Bank located in San Juan, Puerto Rico. It was founded in 1972. At the time the bank closed in February 2015, it had $5.9 billion in assets and 26 branches. History Doral Financial Cor ...

* FirstBank * Oriental Financial Group, Inc. * RG Premier Bank *

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References

{{DEFAULTSORT:Eurobancshares Banks of Puerto Rico Companies based in San Juan, Puerto Rico Banks disestablished in 2010 Bank failures Defunct banks of the United States Defunct companies of Puerto Rico Banks established in 1979 1979 establishments in Puerto Rico 2010 disestablishments in Puerto Rico